Former KKR exec sells Soho condo at a loss

Jonathan Smidt sold the unit at 10 Sullivan Street for $10.3M

Jan.January 17, 2019 04:45 PM

Jonathan Smidt and 10 Sullivan Street

It’s rare to see private equity hotshots take one on the chin, but one former KKR executive appears to have suffered a loss on the sale of his full-floor Soho condo.

An LLC that lists Jonathan and Claire Ziegler Smidt as members sold unit 6A at 10 Sullivan Street for about $10.3 million, according to a public record filed with the Department of Finance. The Smidts picked up the 10 Sullivan Street unit in 2016 for about $10.6 million, according to a public filing.

The buyer was anonymous, under the entity Sullivan Sixth LLC.

Jonathan Smidt had been a partner at KKR until in May 2018, when he left the firm. He most recently served head of the private equity firm’s industrial investment team and was based out of Europe, where he moved in 2016. Before that, Smidt had been based in New York.

The three-bedroom, three-and-a-half bath spans just over 3,100 square feet and has direct elevator access and a wraparound balcony, according to its listing.

The Corcoran Group’s Marie-Claire Gladstone and Julia Cahill had the listing. They did not immediately return messages seeking comment.

The condo building had been the subject of a lawsuit that a Manhattan State Supreme Court judge tossed out last year. Bob Gladstone’s Madison Equities sued Kevin Maloney’s Property Markets Group, alleging the latter’s negligence and mismanagement of the condo, which the two companies jointly developed, led to construction delays and the partners to miss out on $30 million in profits.

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